Media Advisory - A Financial Heart-to-Heart: Long-Term Financial Planning Key
To Lasting Relationships

Spousal RRSPs help couples marry their ideal retirement lifestyles

TORONTO, Feb. 11 /CNW/ - While money issues can often be the "elephant in the room" for couples, it is a well-known fact that sound financial management can directly contribute to a successful, long-lasting relationship. With Valentine's Day fast approaching, there is no better way for Canadians to show their commitment to their significant others than by planning for the future with a Spousal Registered Retirement Savings Plan (Spousal RRSP).

"Spousal RRSPs are an excellent way for loved ones, married or common law, to plan for their financial futures," says Tina Di Vito, Director, Retirement Strategies, BMO Financial Group. "The benefits of income splitting and the savings couples can realize from it will not only set them up for financial success, but will also help to ease the stress that finances can put on a relationship."

A Spousal RRSP allows couples to take advantage of income splitting, meaning the higher income earner contributes money to the RRSP of the lower income earner with the end goal of both individuals having more equal incomes upon retirement. This system offers many rewards, including the potential for larger tax refunds and a greater return on retirement savings for each individual.

To begin the process of easing the financial stresses of managing a long-term relationship, BMO recommends considering the following three points:

    Set a Date - Set a "date" to discuss your financial future

    -  While it may not sound as romantic as a four-course candlelit dinner,
       meeting with your financial planner in February will help couples look
       at the big financial picture
    -  Best of all, working with a financial planner does not have to cost
       you a cent

    Maximize Benefits - Gain Full Benefits of Spousal RRSPs

    -  By using a Spousal RRSP, couples can realize the full potential of a
       combined income when it comes to saving for their retirement

    "Gift" a TFSA - Consider a Tax-Free Savings Account (TFSA) as a "Gift"

    -  Contribute to your RRSP and TFSA first, then give your loved one any
       unused savings so that they can open up their own TFSA


For further information: For further information: or to arrange for an interview, please contact: Kasia Lech, Toronto,, (416) 867-5394; Sarah Bensadoun, Montreal,, (514) 877-1101

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